Refinancing your mortgage is a way to potentially lower your interest rate and monthly mortgage payment.

Buying Your First Home

Step into the housing market with confidence.

Get excited, because the next stage of your life begins now!

Leaving your rental to buy a home is a big step.

Your landlord is responsible for repairs and upkeep. In addition, depending on your lease, you may not even be paying for electricity or water. On the other hand, if your current residence is growing in value, then your landlord is building equity through your monthly payments – not you.

Homeownership offers financial benefits that renting does not. While you’ll want to consult
a tax advisor, you’ll learn that the interest you pay on your mortgage is tax deductible, as are
some closing and moving costs. If you pay points on your loan to reduce the interest rate on
your mortgage, that amount is also tax deductible for that year. When you decide to buy a
home, you’re making a decision to invest in your future.

Our interactive calculators can help you determine how much home you can afford. How much are you comfortable paying on for a mortgage every month? What are your monthly costs for transportation, utilities, insurance, groceries and other living expenses? Considering all expenses will give you a better idea of how much you can afford. Leave room in your monthly budget for home maintenance, taxes, association fees (if applicable) and emergencies.

Talking with a Justice Federal Mortgage Representative can help you decide your ideal price range, and the amount of money you’ll need to borrow to purchase your first home.

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Justice Federal does not endorse any third party advertisements that may appear on this site.

The Justice Federal Privacy Notice does not apply on this site. Please check the site for its Privacy Notice.

. Review your credit report carefully for discrepancies and be sure to clear up any errors by calling the creditor or the credit bureau.

Before you start your house hunt, we encourage you to take a moment to get preapproved.

Getting preapproved lets you know your approved price range and gives you a powerful negotiation tool. We’ll pull your credit and ask you a few questions about your income, financial assets and any debt you may carry. The loan amount of your preapproval is subject to the findings of your formal underwriting review.

Get Your Questions Answered. CU Realty’s Member Services team is available seven days-a-week to answer your questions. Just a call or click when you need help.

*The HomeAdvantage program is made available to you through a relationship between Justice Federal Credit Union and CU Realty Services. Program Cash Rewards are awarded by CU Realty Services to buyers and sellers who select and use a real estate agent in the HomeAdvantage network. Home buyers or sellers are not eligible for Cash Rewards if they use an agent outside this network. Using Justice Federal Credit Union for a mortgage is not a requirement to earn Cash Rewards. Cash Rewards amounts are dependent on the commissions paid to the agent. Justice Federal Credit Union may have specific rules on how your Cash Rewards will be paid out. Cash Rewards incentives are available in most states; however, are void where prohibited by law or by the lender. Consult a Representative for details.

Let’s say you have decided to make an offer on a home. You’ll have to weigh
some important factors that might affect your offer amount:

The home’s asking price

Recent area home sales

Market conditions: Has the home been on the market for a while?

How badly do you want the house?

The condition of the home

Here’s where your preapproval comes in.

Sellers know that an offer from a preapproved buyer is solid. Your preapproval gives you an advantage over homebuyers who wait until after they find a home to get preapproved. Sellers also appreciate that buyers like you can close quicker with a smoother home loan process.

Your real estate professional will prepare the documents that will make your offer official and
will present it to the seller or to the agent who represents the seller. Usually the seller will have
a few days to make a decision. Here are a few definitions to help explain this process:

Purchase Agreement
The purchase agreement is a binding document that your agent will supply that indicates the
amount of your offer. It may also include details, like which appliances will stay with the home,
and when you’d like to take possession.

Earnest Money
Earnest money is a deposit showing your commitment to buying a home. Typically, the
deposit is a small percentage of the asking price that’s later applied to your down payment.
Your agent will hold the check/deposit (made out to the seller) until the offer is accepted

Counteroffer
The counteroffer is the seller’s response to your offer – made in part to continue negotiations
toward a purchase agreement. When your Agent presents the seller with your offer, sellers
can do one of three things:

Agree to your offer

Decline your offer

Make a counteroffer

Sellers can counteroffer with their desired amount – typically within 24 to 48 hours. At this point, you can either agree with their terms or make another counteroffer. This process continues until you come to an agreement.

Most offers are contingent upon a home inspection. For your own protection, the inspection is your chance to hire a qualified professional home inspector. A home inspector will go over every inch of the home you want to buy and bring any concerns to your attention.

Finding an Inspector
Ask friends, family and your agent for recommendations. You can search for inspectors in
your area on the American Society of Home Inspectors website, (www.ashi.com). Be sure to find someone who has experience and references and who is fully licensed and insured.

The cost will vary but can range from $250 to $600, depending on the location, property and
optional tests added to the inspection. Most homeowners will agree that a thorough
home inspection is worth every penny and peace of mind.

A thorough inspection includes heating, cooling, septic systems, plumbing, electrical, walls,
floors, ceilings, foundation, roof, gutters, downspouts, insulation, ventilation, major appliances
and the garage. You may opt to pay extra for tests such as radon or carbon monoxide levels.
Your home inspection professional is equipped to administer tests and give you information on the results.

Plan On Being Present During the Inspection
You’ll learn not only about the condition of the home but also how everything works, and you
can ask questions as you go along. The inspection is a good time to thoroughly look at the
house and perhaps take measurements for window treatments, carpet or appliances you plan
on replacing. At the end of the inspection, the inspector will review their findings with you.

The Inspection Report Rarely Comes Back Perfect
Most inspections will leave you with an action list, perhaps several things that will need
attention after you move in. If there are issues that need attention, you can request that
the seller make needed repairs. You also have the option to renegotiate the purchase price
to absorb the repair costs. If the inspection reveals more than you might have bargained
for in the way of repairs or damage, you can withdraw your offer, get your deposit back and resume your house hunting.

Home insurance protects your home and what’s inside it. It covers you against losses or damage, from fire, weather, theft and more. And, it protects you from liability if an accident happens on your property.

You can’t buy a home without it. In order to complete the mortgage process, you’ll have to provide proof of insurance at your closing. It’s important that the lender’s investment is fully insured, as well as your equity in the home and your personal possessions.

Justice Federal offers home insurance available through the TruStage Insurance Agency. Affiliates of TruStage have been providing insurance and financial services designed for credit unions and members for more than 80 years and have served more than 16 million credit union members nationwide.

Safeguard your biggest investment. See how much you could save when you combine auto and homeowners insurance, visit www.trustage.com.

The closing is the completion of the real estate sale and mortgage transaction and is the official transfer of possession from the seller to the buyer. It’s customary to take a final walk-through of the property shortly before the closing to ensure the home is still in good condition.

Review and Acknowledge your Closing Disclosure
At least three business days before your closing, you’ll receive your Closing Disclosure. This document outlines the costs you’ll pay at closing. You must acknowledge you’ve received it, or your closing will be delayed.

What to Expect on Closing Day
You’ll be asked to bring a valid driver’s license, a certified check (if applicable) and any additional documents your situation may require. There may be quite a few people at your closing: the seller, the lender, you, the seller’s mortgage holder, the real estate agent, the transfer agent (if it’s a co-op), the managing agent (if it’s a condo) and the title company representative.

What Are Closing Costs?
Costs vary depending on your state. For instance, title companies may handle your closing,
however, some states require an attorney to conduct the closing. In those states, borrowers
aren’t required to pay a title company a closing fee.

Know When Your New Home Will Be Vacated
Before the closing, make sure you both agree on the timing for the vacancy of the home. If the seller asks to stay in the home after the closing, you’re entitled to negotiate rent payment for the time they stay in the home.

What to Expect at the Closing Table
You’ll sign documents that put you in possession of the home, as well as sign your mortgage
documents. Then your mortgage company representative will pay the seller for your home on your behalf. You’ll be given the keys to your home and payment information for your mortgage. Be sure to keep your closing documents in a safe place for future reference.

You Can Count on Justice Federal

Your Justice Federal Mortgage Representative is not only here to help you manage your home
financing today, but will also help you to achieve your long-term goals. After all, life changes,
and your mortgage should change with it.

Any time you have questions regarding home financing, we encourage you to contact your
Mortgage Representative. Justice Federal will continue to provide you with the service you deserve for the life of your loan.

Rate Watch

Visit Your Nearest Justice Federal Branch

Find Locations

Call Us 800.550.5328

Important Legal Disclaimers and Information

*Home loans subject to credit and property approval. Rate is based on an evaluation of creditworthiness. Primary residences only. Payment example: $400,000 mortgage at a rate of 4.500% (4.553% APR) for 30 years, equals monthly payment of $2,026.74. Taxes, Homeowner Insurance and Private Mortgage Insurance not included. Loan Level Price Adjustment (LLPA) may apply to the interest rate based on loan to value, property type and credit score.

**The HomeAdvantage program is made available through CU Realty Services. Program Cash Rewards are awarded by CU Realty Services to buyers and sellers who select and use a real estate agent in the HomeAdvantage network. Cash Reward is dependent on the commission paid to the agent. Cash Reward incentives are available in most states; however, are void where prohibited by law or by the lender. Justice Federal reserves the right to withdrawal this offer at any time.

Serving Justice Across the Nation®

Since 1935, Justice Federal Credit Union has provided a place for members to save and borrow; but more importantly, to belong.You are not just a Member — You are an Owner.
We are proud to have remained true to our Founders’ vision of exclusively serving Members of the justice and law enforcement community and their family.

The website you are about to view is produced by a third party. Justice Federal is not responsible for the content or representation on the site and does not represent you or the third party if a transaction is entered.

Justice Federal does not endorse any third party advertisements that may appear on this site.

The Justice Federal Privacy Notice does not apply on this site. Please check the site for its Privacy Notice.

The website you are about to view is produced by a third party. Justice Federal is not responsible for the content or representation on the site and does not represent you or the third party if a transaction is entered.

Justice Federal does not endorse any third party advertisements that may appear on this site.

The Justice Federal Privacy Notice does not apply on this site. Please check the site for its Privacy Notice.

Justice Federal Credit Union is committed to providing a website that is accessible to the widest possible audience in accordance with ADA standards and guidelines. We are actively working to increase accessibility and usability of our website to everyone. If you are using a screen reader or other auxiliary aid and are having problems using this website, please contact us at 703.480.5300 or 800.550.5328. All products and services available on this website are available at all Justice Federal Credit Union locations.

The website you are about to view is produced by a third party. Justice Federal is not responsible for the content or representation on the site and does not represent you or the third party if a transaction is entered.

Justice Federal does not endorse any third party advertisements that may appear on this site.

The Justice Federal Privacy Notice does not apply on this site. Please check the site for its Privacy Notice.

You Are Leaving Justice Federal's Website

The website you are about to view is produced by a third party. Justice Federal is not responsible for the content or representation on the site and does not represent you or the third party if a transaction is entered.

Justice Federal does not endorse any third party advertisements that may appear on this site.

The Justice Federal Privacy Notice does not apply on this site. Please check the site for its Privacy Notice.

The website you are about to view is produced by a third party. Justice Federal is not responsible for the content or representation on the site and does not represent you or the third party if a transaction is entered.

Justice Federal does not endorse any third party advertisements that may appear on this site.

The Justice Federal Privacy Notice does not apply on this site. Please check the site for its Privacy Notice.

The website you are about to view is produced by a third party. Justice Federal is not responsible for the content or representation on the site and does not represent you or the third party if a transaction is entered.

Justice Federal does not endorse any third party advertisements that may appear on this site.

The Justice Federal Privacy Notice does not apply on this site. Please check the site for its Privacy Notice.

The website you are about to view is produced by a third party. Justice Federal is not responsible for the content or representation on the site and does not represent you or the third party if a transaction is entered.

Justice Federal does not endorse any third party advertisements that may appear on this site.

The Justice Federal Privacy Notice does not apply on this site. Please check the site for its Privacy Notice.

The website you are about to view is produced by a third party. Justice Federal is not responsible for the content or representation on the site and does not represent you or the third party if a transaction is entered.

Justice Federal does not endorse any third party advertisements that may appear on this site.

The Justice Federal Privacy Notice does not apply on this site. Please check the site for its Privacy Notice.

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The website you are about to view is produced by a third party. Justice Federal is not responsible for the content or representation on the site and does not represent you or the third party if a transaction is entered.

Justice Federal does not endorse any third party advertisements that may appear on this site.

The Justice Federal Privacy Notice does not apply on this site. Please check the site for its Privacy Notice.